Math Problem Statement
If $12,000 had been invested in a certain investment fund on September 30, 2008, it would have been worth $56,946.68 on September 30, 2018. What interest rate, compounded annually, did this investment earn? (Round your answer to two decimal places.)
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Compound Interest
Exponentiation
Formulas
Compound interest formula: A = P(1 + r)^t
Theorems
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Suitable Grade Level
Grades 9-12
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